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GBP/JPY slips for third straight day as traders digest new UK PM
The pair was last at 218.13 after a daily high of 218.84, with a 219.0 reclaim needed for bulls to target higher resistance levels.
GBP/JPY edged lower for a third straight trading day, down 0.15% as traders digested the first speech of UK Prime Minister Andy Burnham and the start of cabinet appointments, according to FXStreet.
The pair last traded at 218.13 after reaching a daily high of 218.84. FXStreet said last week’s rebound off a July 15 daily low pushed GBP/JPY to a new yearly high of 219.61, but bullish momentum then faded.
The outlook hinges on whether GBP/JPY can reclaim 219.00, FXStreet noted. A failure to hold that level could expose the 219.50 area, ahead of 220.00, while further strength would bring resistance near 221.00.
On the downside, FXStreet pointed to the July 9 high at 218.01 as the first support. If that level is cleared, it flagged 217.00 next, followed by April’s 30 daily high-turned-support at 216.60, and then the July 2 high-turned-support at 216.06.